Wow, just read about this... when I was employed, paying 6.2% of gross went directly into MY social security right? Here is what the answer says "For the first time since 1983, Social Security will pay out more than it takes in this year (2010). Decreased tax revenue caused by the recession is to blame. This situation should be temporary assuming that unemployment trends downward. A new tax on health care benefits will also help. The Congressional Budget Office currently estimates a date of 2037 for the end of solvency."
So your sayin you lost the money I loaned you? I can't just keep giving you money, I don't have a job!
... I don't even want to know how a new tax helps a totally different tax...
Insider tip, I have been in payroll for years and years on the payroll company side of it. Millions of illegal immigrants get actual paychecks with actual taxes taken out. Because they are not citizens they will never stake claim to any Social Security that they have paid. As employers, our clients were legally obligated to check the status of an employees citizenship via SS records. If the name, BD and SSN don't match up then due diligence is required (sending a letter to the employee). They are not allowed to fire this employee. So the employee continues to work and continues to pay taxes.... WHERE DOES THIS MONEY GO?
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